Brazil is the largest market supplying soybeans to Vietnam.

Brazil is the largest soybean supplier to Vietnam in 10 months, reaching 1.07 million tons, up 20% in volume and 0.9% in value over the same period.

According to preliminary statistics from the General Department of Customs, soybean imports in the first 10 months of 2024 reached nearly 1.82 million tons, worth nearly 935.84 million USD, with an average price of 515.2 USD/ton, up 12.8% in volume, but down 8.2% in turnover and down 18.6% in price compared to the first 10 months of 2023.

Of which, in October 2024 alone, it reached 222,742 tons, equivalent to 109.84 million USD, with an average price of 493.1 USD/ton, an increase of 50.5% in volume and 53% in turnover compared to September 2024, with a price increase of 1.7%; compared to October 2023, it increased sharply by 60.4% in volume, 31% in turnover but decreased by 18.3% in price.

Brazil is the largest market supplying soybeans to Vietnam.

Brazil is the largest market supplying soybeans to Vietnam in the first 10 months of 2024, accounting for 59.2% of the total volume and 57.3% of the total soybean import turnover of the country, reaching 1.07 million tons, equivalent to nearly 535.76 million USD, priced at 498.6 USD/ton, up 20% in volume, up 0.9% in turnover but down 15.9% in price compared to the first 10 months of 2023.

The second largest market is the US, in the first 10 months of 2024 reaching 568,705 tons, equivalent to 301.57 million USD, price 530.3 USD/ton, accounting for 31.3% of the total volume and 32.2% of the total soybean import turnover of the country, up 3% in volume, but down 19.8% in turnover and price down 22.1% compared to the first 10 months of 2023.

Next, the Canadian market in the first 10 months of 2024 reached 109,005 tons, equivalent to 64.42 million USD, price 591 USD/ton, accounting for 6% of the total volume and 6.9% of the total soybean import turnover of the whole country, up 20.4% in volume, but down 3.8% in turnover and price down 20.1% compared to the same period last year.

In Vietnam, soybeans are grown in 26 provinces and cities across the country; of which about 87.8% are in the North and 12.2% are in the South. The soybean area in the North accounts for about 58.8%, grown in highlands, where the soil is not fertile, 41.2% is grown in lowlands in the Red River Delta and North Central regions. Soybeans produced domestically are used to process many types of food such as tofu, soy milk, soy milk powder, a small amount is used to produce soy sauce, soy sauce, and fermented bean curd.

Because domestic production is not enough to meet consumption and processing needs, our country imports a large amount of soybeans every year. While domestically produced soybeans are traditional varieties, most imported soybeans are genetically modified varieties.

According to agricultural experts, corn and soybeans are both familiar crops in Vietnam. However, the area under these two crops is still small, and their productivity is far lower than that of other countries in the world.

Currently, Vietnam is the third largest importer of soybean meal and the ninth largest importer of soybeans in the world. Over the past 10 years, our country has consumed an average of nearly 2 million tons of soybeans each year. Thanks to the decrease in soybean prices and the increase in pork prices, farmers have benefited from the beginning of the year.

Source: https://congthuong.vn/brazil-la-thi-truong-lon-nhat-cung-cap-dau-tuong-cho-viet-nam-360457.html